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A number of companies are in the M&A spotlight
The Dow Jones Industrial Average (DJIA) ended another see-saw session modestly higher, as first-quarter earnings season got off to an unremarkable start. Specifically, while Alcoa Inc (NYSE:AA) dropped on a revenue miss, the blue-chip index managed to recover from a midday deficit for its second straight win. On the economic front, weekly jobless claims rose by 14,000 last week, following a 15-year low a week prior. Meanwhile, crude oil stabilized following Wednesday's sell-off.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 17,958.73) was down close to 80 points at its intraday low, but recovered to end 56.2 points, or 0.3%, higher. Twenty-two of the Dow's 30 components finished in the black, paced by a 2.9% gain at General Electric Company (NYSE:GE). Of the eight losing blue chips, Home Depot Inc (NYSE:HD) suffered the most, down 0.9%.
The S&P 500 Index (SPX - 2,091.18) muscled 9.3 points, or 0.5%, higher, after an early stint in the red. Similarly, the Nasdaq Composite (COMP - 4,974.56) tacked on 23.7 points, or 0.5%.
The CBOE Volatility Index (VIX - 13.09) slid 0.9 point, or 6.4%, for its second straight loss, marking its lowest close since March 20.
5 Items on Our Radar Today:
- First-time jobless claims increased modestly last week, to a seasonally adjusted 281,000. However, it marked the fifth consecutive week that initial filings for unemployment benefits stayed under 300,000, which is considered a benchmark for a healthy labor market. (Reuters)
- GE is reportedly close to selling its real estate portfolio for an estimated $30 billion. According to sources, Blackstone Group LP (NYSE:BX) and Wells Fargo & Co (NYSE:WFC) will purchase the majority of the holdings, with the official announcement expected as early as tomorrow. (The New York Times)
- Traders rolled the dice on higher highs for sector peers Pfizer Inc (NASDAQ:PFE) and Teva Pharmaceutical Industries Ltd (NYSE:TEVA).
- Alibaba Group Holding Ltd (NYSE:BABA) calls flew off the shelves, as the company grabbed headlines at home and abroad.
- Ahead of next week's earnings report, and amid even more takeover speculation, SanDisk Corporation (NASDAQ:SNDK) got mobbed by short-term bears.
For a look at today's options movers and commodities activity, head to page 2.
Commodities:
Crude regained its footing today following yesterday's brutal session, thanks to mounting skepticism over a nuclear deal with Iran. If the negotiations fall through, international sanctions will remain in place, likely preventing more Iranian oil from hitting an already saturated market. At the close, crude for May delivery was up 37 cents, or 0.7%, at $50.79 per barrel.
Gold suffered its third straight daily loss amid a strengthening greenback, and gave up its foothold atop the key $1,200 level. At day's end, June-dated gold was $9.50, or 0.8%, lower, at $1,193.60 per ounce.